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<PAGE> PAGE 20
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<PAGE> PAGE 21
070 E010400 Y
070 E020400 Y
070 F010400 N
070 F020400 N
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070 G020400 Y
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070 H020400 N
070 I010400 N
070 I020400 N
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070 J020400 N
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070 L020400 Y
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070 P020400 N
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070 Q020400 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
008 A000501 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
008 B000501 A
008 C000501 801-43443
008 D010501 EAST BRUNSWICK
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008 A000502 TRAVELERS ASSET MANAGEMENT INTERNATIONAL CORP
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008 D040502 2030
015 A000501 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 24
046 000500 N
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<PAGE> PAGE 25
069 000500 N
070 A010500 Y
070 A020500 Y
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070 E010500 Y
070 E020500 N
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070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
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070 K020500 Y
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070 L020500 Y
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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008 A000601 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
008 B000601 A
008 C000601 801-43443
008 D010601 EAST BRUNSWICK
008 D020601 NJ
008 D030601 08816
008 D040601 1063
008 A000602 SMITH GRAHAM & CO. ASSET MANAGERS, LP
008 B000602 S
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008 D010602 HOUSTON
008 D020602 TX
008 D030602 77002
015 A000601 INVESTORS BANK & TRUST COMPANY
015 B000601 C
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015 C020601 MA
015 C030601 02117
015 C040601 9130
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<PAGE> PAGE 28
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<PAGE> PAGE 29
063 A000600 0
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE PAUL S. FEINBERG
TITLE V.P. & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> American Odyssey International Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 201,197,893
<INVESTMENTS-AT-VALUE> 224,207,852
<RECEIVABLES> 13,965,950
<ASSETS-OTHER> 1,898
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<TOTAL-ASSETS> 238,175,700
<PAYABLE-FOR-SECURITIES> 1,361,614
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 243,029
<TOTAL-LIABILITIES> 1,604,643
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,969,589
<SHARES-COMMON-STOCK> 15,277,557
<SHARES-COMMON-PRIOR> 12,410,280
<ACCUMULATED-NII-CURRENT> 4,133,869
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,593,909
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,873,690
<NET-ASSETS> 236,571,057
<DIVIDEND-INCOME> 4,740,999
<INTEREST-INCOME> 480,037
<OTHER-INCOME> 0
<EXPENSES-NET> 1,671,311
<NET-INVESTMENT-INCOME> 3,549,725
<REALIZED-GAINS-CURRENT> 14,633,577
<APPREC-INCREASE-CURRENT> (7,971,426)
<NET-CHANGE-FROM-OPS> 10,211,876
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,436,122)
<DISTRIBUTIONS-OF-GAINS> (862,014)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,764,223
<NUMBER-OF-SHARES-REDEEMED> 549,561
<SHARES-REINVESTED> 652,615
<NET-CHANGE-IN-ASSETS> 45,461,809
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 862,014
<OVERDISTRIB-NII-PRIOR> 19,402
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,320,135
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,706,950
<AVERAGE-NET-ASSETS> 217,297,430
<PER-SHARE-NAV-BEGIN> 15.08
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> 0.30
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<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> American Odyssey Emerging Opportunities Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 212,586,767
<INVESTMENTS-AT-VALUE> 245,774,796
<RECEIVABLES> 23,979,551
<ASSETS-OTHER> 1,826
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 269,756,173
<PAYABLE-FOR-SECURITIES> 10,679,678
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,067
<TOTAL-LIABILITIES> 10,869,745
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 227,097,381
<SHARES-COMMON-STOCK> 18,071,430
<SHARES-COMMON-PRIOR> 12,764,369
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,398,982
<ACCUM-APPREC-OR-DEPREC> 33,188,029
<NET-ASSETS> 258,886,428
<DIVIDEND-INCOME> 578,112
<INTEREST-INCOME> 851,831
<OTHER-INCOME> 0
<EXPENSES-NET> 1,876,469
<NET-INVESTMENT-INCOME> (446,526)
<REALIZED-GAINS-CURRENT> 4,178,737
<APPREC-INCREASE-CURRENT> 13,026,859
<NET-CHANGE-FROM-OPS> 16,759,070
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,984,206
<NUMBER-OF-SHARES-REDEEMED> 764,573
<SHARES-REINVESTED> 1,087,428
<NET-CHANGE-IN-ASSETS> 87,608,212
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 5,577,719
<GROSS-ADVISORY-FEES> 1,405,303
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,876,469
<AVERAGE-NET-ASSETS> 217,160,042
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.91
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.33
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> American Odyssey Core Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 297,388,264
<INVESTMENTS-AT-VALUE> 406,071,334
<RECEIVABLES> 10,468,835
<ASSETS-OTHER> 1,827
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 416,541,996
<PAYABLE-FOR-SECURITIES> 1,587,134
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 256,767
<TOTAL-LIABILITIES> 1,843,901
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257,073,891
<SHARES-COMMON-STOCK> 20,812,710
<SHARES-COMMON-PRIOR> 17,673,755
<ACCUMULATED-NII-CURRENT> 40,198
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 48,900,936
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 108,683,070
<NET-ASSETS> 414,698,095
<DIVIDEND-INCOME> 6,913,314
<INTEREST-INCOME> 363,698
<OTHER-INCOME> 0
<EXPENSES-NET> 2,332,795
<NET-INVESTMENT-INCOME> 4,944,217
<REALIZED-GAINS-CURRENT> 48,900,932
<APPREC-INCREASE-CURRENT> 42,788,687
<NET-CHANGE-FROM-OPS> 96,633,836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,951,911
<DISTRIBUTIONS-OF-GAINS> 4,293,241
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,512,120
<NUMBER-OF-SHARES-REDEEMED> 1,894,049
<SHARES-REINVESTED> 1,520,884
<NET-CHANGE-IN-ASSETS> 140,926,569
<ACCUMULATED-NII-PRIOR> 47,896
<ACCUMULATED-GAINS-PRIOR> 4,298,072
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,022,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,391,320
<AVERAGE-NET-ASSETS> 358,545,356
<PER-SHARE-NAV-BEGIN> 15.49
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 4.65
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0.21
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.93
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> American Odyssey Long-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 198,965,142
<INVESTMENTS-AT-VALUE> 204,140,597
<RECEIVABLES> 70,260,133
<ASSETS-OTHER> 1,834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274,402,564
<PAYABLE-FOR-SECURITIES> 55,325,821
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,392
<TOTAL-LIABILITIES> 55,548,213
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209,170,121
<SHARES-COMMON-STOCK> 20,383,564
<SHARES-COMMON-PRIOR> 15,828,492
<ACCUMULATED-NII-CURRENT> 114,595
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,572,544
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,997,091
<NET-ASSETS> 218,854,351
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,939,002
<OTHER-INCOME> 0
<EXPENSES-NET> 1,173,614
<NET-INVESTMENT-INCOME> 11,765,388
<REALIZED-GAINS-CURRENT> 4,536,058
<APPREC-INCREASE-CURRENT> 5,890,460
<NET-CHANGE-FROM-OPS> 22,191,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,872,559
<DISTRIBUTIONS-OF-GAINS> 188,073
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,958,292
<NUMBER-OF-SHARES-REDEEMED> 338,150
<SHARES-REINVESTED> 1,934,930
<NET-CHANGE-IN-ASSETS> 58,159,835
<ACCUMULATED-NII-PRIOR> 242,735
<ACCUMULATED-GAINS-PRIOR> 207,536
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 945,274
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,173,614
<AVERAGE-NET-ASSETS> 189,054,868
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> 0.62
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> American Odyssey Intermediate-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 106,685,504
<INVESTMENTS-AT-VALUE> 107,272,740
<RECEIVABLES> 1,392,652
<ASSETS-OTHER> 1,856
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,667,248
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,614
<TOTAL-LIABILITIES> 71,614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,454,562
<SHARES-COMMON-STOCK> 10,531,347
<SHARES-COMMON-PRIOR> 8,470,117
<ACCUMULATED-NII-CURRENT> 37,666
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 516,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 587,236
<NET-ASSETS> 108,595,634
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,452,343
<OTHER-INCOME> 0
<EXPENSES-NET> 623,354
<NET-INVESTMENT-INCOME> 5,828,989
<REALIZED-GAINS-CURRENT> 632,431
<APPREC-INCREASE-CURRENT> 785,322
<NET-CHANGE-FROM-OPS> 7,246,742
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,989,855
<DISTRIBUTIONS-OF-GAINS> 475,876
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,276,376
<NUMBER-OF-SHARES-REDEEMED> 329,917
<SHARES-REINVESTED> 1,114,771
<NET-CHANGE-IN-ASSETS> 22,210,560
<ACCUMULATED-NII-PRIOR> 165,695
<ACCUMULATED-GAINS-PRIOR> 475,876
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 493,298
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 623,354
<AVERAGE-NET-ASSETS> 98,768,429
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.31
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> American Odyssey Short-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 57,188,291
<INVESTMENTS-AT-VALUE> 57,572,198
<RECEIVABLES> 1,290,736
<ASSETS-OTHER> 1,856
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,864,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,244
<TOTAL-LIABILITIES> 44,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,665,607
<SHARES-COMMON-STOCK> 5,704,494
<SHARES-COMMON-PRIOR> 4,754,313
<ACCUMULATED-NII-CURRENT> 21,955
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 250,923
<ACCUM-APPREC-OR-DEPREC> 383,907
<NET-ASSETS> 58,820,546
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,361,008
<OTHER-INCOME> 0
<EXPENSES-NET> 401,168
<NET-INVESTMENT-INCOME> 2,959,840
<REALIZED-GAINS-CURRENT> (148,187)
<APPREC-INCREASE-CURRENT> 473,223
<NET-CHANGE-FROM-OPS> 3,284,876
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,005,205
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 975,165
<NUMBER-OF-SHARES-REDEEMED> 487,160
<SHARES-REINVESTED> 462,176
<NET-CHANGE-IN-ASSETS> 10,147,630
<ACCUMULATED-NII-PRIOR> 45,487
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 103,597
<GROSS-ADVISORY-FEES> 271,414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 401,168
<AVERAGE-NET-ASSETS> 54,282,883
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.31
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Shareholders and
Board of Directors of
American Odyssey Funds, Inc.:
In planning and performing our audits of the financial statements and financial
highlights of the American Odyssey Funds, Inc., comprising, respectively, the
International Equity Fund, Emerging Opportunities Fund, Core Equity Fund,
Long-Term Bond Fund, Intermediate-Term Bond Fund, and Short-Term Bond Fund, for
the year ended December 31, 1997, we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of American Odyssey Funds, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by the employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above.
This report is solely for the information and use of management, the Board of
Directors of American Odyssey Funds, Inc. and the Securities and Exchange
Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 6, 1998
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1997
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 1: Emerging Opportunities Fund, purchase of Axiom, Inc.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Lehman Brothers, Inc. Lehman Brothers, Inc. was not an affiliated
underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Cowen & Co. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Emerging Opportunities Fund, managed by Cowen Asset Management, purchased 10,300
shares of common stock of Axiom, Inc., a company in continuous operation for 3+
years, in an initial public offering at the offering price of $12 per share on
July 7, 1997. The underwriting spread paid was 7%. The percentage of the
offering purchased by the Emerging Opportunities Fund was less than 0.5% of the
total offering. This purchase represented less than 1% of the Emerging
Opportunities Fund assets. The security purchased was part of an issue
registered with the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled Third quarter 1997 meeting as well as
information supporting the reasonableness of the 7% spread paid to certify that
the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1997
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 2: Emerging Opportunities Fund, purchase of Microcell
Telecommunications
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Merrill Lynch. Merrill Lynch was not an affiliated underwriter of the fund.
2. Identify the underwriting syndicate's members.
Cowen & Co. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Emerging Opportunities Fund, managed by Cowen Asset Management, purchased 15,100
shares of common stock of Microcell Telecommunications, a company in continuous
operation for 3+ years, in an initial public offering at the offering price of
$10.925 per share on October 8, 1997. The underwriting spread paid was 5%. The
percentage of the offering purchased by the Emerging Opportunities Fund was less
than 1% of the total offering. This purchase represented less than 1% of the
Emerging Opportunities Funds assets. The security purchased was part of an issue
registered with the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1997 meeting as well as
information supporting the reasonableness of the 5% spread paid to certify that
the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1997
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 3: Emerging Opportunities Fund, purchase of Healthworld
Corporation.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
CE Unterberg Towbin. CE Unterberg Towbin was not an affiliated underwriter
of the Fund.
2. Identify the underwriting syndicate's members.
Cowen & Co. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Emerging Opportunities Fund, managed by Cowen Asset Management, purchased 13,200
shares of common stock of Healthworld Corporation, a company in continuous
operation for 3+ years, in an initial public offering at the offering price of
$9.00 per share on November 21, 1997. The underwriting spread paid was 7%. The
percentage of the offering purchased by the Quality Bond Portfolio was less than
1% of the total offering. This purchase represented less than 1% of the Emerging
Opportunities Funds assets. The security purchased was part of an issue
registered with the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1997 meeting as well as
information supporting the reasonableness of the 7% spread paid to certify that
the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
Item 77c: Matters submitted to a vote of security holders
American Odyssey Funds, Inc.
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 23, 1997.
The results of votes taken among shareholders on proposals are listed below.
Proposal 1
(For the Emerging Opportunities Fund Only): To approve or disapprove certain
advisory and subadvisory agreements to add Cowen Asset Management as a second
subadvisor for the Emerging Opportunities Fund.
# of Shares Voted % of Shares
----------------------------- -----------------
Affirmative 11,951,639.296 86.23%
Against 1,125,862.994 8.12%
Abstain 782,684.762 5.65%
============================= =================
TOTAL 13,860,187.052 100.00%
============================= =================
Proposal 2
(For all Funds): To approve or disapprove an arrangement, a new investment
advisory agreement, a revised subadvisory agreements or to amend the terms of
existing subadvisory agreements without the approval of persons having voting
rights.
International Equity Fund Shareholders:
# of Shares Voted % of Shares
------------------------- ---------------------
Affirmative 10,242,491.316 79.54%
Against 2,024,726.432 15.73%
Abstain 610,263.853 4.73%
------------------------- ---------------------
TOTAL 12,877,481.601 100.00%
========================= =====================
Emerging Opportunities Fund Shareholders:
# of Shares Voted % of Shares
------------------------- ---------------------
Affirmative 10,950,517.985 79.01%
Against 2,259,349.091 16.30%
Abstain 650,319.976 4.69%
========================= =====================
TOTAL 13,860,187.052 100.00%
========================= =====================
Core Equity Fund Shareholders:
# of Shares Voted % of Shares
------------------------- ---------------------
Affirmative 15,121,900.232 80.86%
Against 2,685,083.625 14.36%
Abstain 895,277.238 4.78%
========================= =====================
TOTAL 18,702,261.095 100.00%
========================= =====================
Long-Term Bond Fund Shareholders:
# of Shares Voted % of Shares
----------------------
-------------------------
Affirmative 13,700,793.225 80.72%
Against 2,476,163.528 14.59%
Abstain 795,855.015 4.69%
========================= ======================
TOTAL 16,972,811.903 100.00%
========================= ======================
Intermediate-Term Bond Fund Shareholders:
# of Shares Voted % of Shares
------------------------- ----------------------
Affirmative 7,284,262.534 80.30%
Against 1,409,444.655 15.54%
Abstain 377,829.503 4.16%
========================= ======================
TOTAL 9,071,536.692 100.00%
========================= ======================
Short-Term Bond Fund Shareholders:
# of Shares Voted % of Shares
------------------------- ----------------------
Affirmative 4,174,795.244 83.95%
Against 569,127.516 11.45%
Abstain 228,794,731 4.60%
========================= ======================
TOTAL 4,972,717.491 100.00%
========================= ======================
